Author Topic: precious metals  (Read 363 times)

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Beer_Baron

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precious metals
« on: June 28, 2011, 03:01:10 PM »
i can't remember who it was, but somebody said that they've been dealing in precious metals for over a decade. 

i need to know if now is the best time to start buying into silver.  i've been following the spot prices pretty closely for the past couple weeks, and it seems to be at a low point right now.  i also read some articles that said that silver COULD go as high as $80 - $100 / oz.

i've thought about gold as well, but at the current price i'd only be able to buy 2 ounces (without ravaging my savings, that is).   plus, and i'm no expert but, it seems to me like gold can't go up too much more in value.

my plan is to buy about 50 ounces of silver and just sit on it for 4 or 5 years, maybe sell a bit of it then and hang on to the rest until i'm an old fart.  is this a wise thing to do?

Freakshow

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Re: precious metals
« Reply #1 on: June 29, 2011, 02:00:34 PM »
Hint:  buy when the cost is low.

I know it sounds counter-intuitive, but trust me on this.

BlackLight

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Re: precious metals
« Reply #2 on: June 29, 2011, 04:54:31 PM »
I don't really know anything, but if I were in your shoes, I would treat commodities investing like going to the casino - 'How much are you willing to lose'?

You didn't mention the purity level of this silver you're looking to buy, but if you buy 50 oz. of the purest kind, that would set you back about $1,700 or so. Can you afford to write that check now, and never see it again for the rest of your life?

The data that I've spent the last 5 minutes looking at seems to suggest that silver has been rising in the value over the last decade or so. It also seems to show that, beginning in the late 18th century, the price of silver didn't even sniff $4 per oz. until the early-to-mid 1970s. That's a pretty long, established track record of stability in terms of price.

Horsehead

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Re: precious metals
« Reply #3 on: July 02, 2011, 09:01:25 AM »
That was me you were refering to in the original post.  In the next couple years IMO PM's will continue to rise but I dont think they will continue on the clip they have been, and  I dont see silver going to 80-100 but everyone said $40+ was out of the question.  I just bought a bit on this recent dip. 

Remember if you are going to buy physical you are going to pay spot plus a premium for whatever bars,coins etc you buy.  Usually for candian maples and ASE's its usually somewhere around 2-3 above spot per coin isn't terrible.  Some places you find it less some more.  Some people dont like the government minted bullion because of the higher premium but you will get that premium back and then some since its much more easier to sell.

As always DYODD (do your own due dilligence) and never invest what you can't afford to lose.  If you fret daily over the price of spot you have to much invested.  period

If you have any questions shoot my a PM or ask here.